If you're looking to put money to work in a volatile market environment such as this, Cramer thinks it makes sense to separate what's working from what's not working.

When the dust settles, Cramer believes Wall Street will see two kinds of companies in the stock market, haves and have nots. That is, companies that can do no right and those that can do no wrong," Cramer explained.

Adam Jeffery | CNBC

The Mad Money host thinks when buyers return, it's the companies that can 'do no wrong' that will attract money.

Those are:

1. Companies that benefit from declining commodity prices. 2. Companies that can raises prices in a weak economy.

Looking at who benefits from lower commodities, Cramer said, "That's pretty much everything that sells at a supermarket or a drug store."

As an example, Cramer cited Head and Shoulders shampoo which is made by Procter & Gamble. "That plastic bottle - it costs less because of the low price of natural gas. The shampoo inside the bottle is also cheaper for the same reason."

Or think Corn Flakes made by Kellogg. "Corn is cheaper," he said, "And the wrapping is also cheaper because its plastic."

Cramer said Coca-Cola could be in a similar situation. "The cost of making aluminum cans is down; same with corn syrup used to make the soda sweet. Even the fuel in the Coke trucks is lower."

And the thesis extends beyond consumer staples.

"Look at Whirlpool," said Cramer. "The cost of the steel and energy needed to make a washer and dryer is coming down." Or he said to take a look at Sherwin Williams. "That's all petroleum based and it's coming down across the board."

Citing companies that could raise prices in a weak economy Cramer said, "Celgene could easily raise the price of Revlimid, its breakthrough cancer drug. Same with Eylea, a drug from Regeneron that can help people with macular degeneration see again.

Of course as Cramer identified companies that can 'do no wrong' he thought it only fitting that he also talk about companies that can 'do no right'. There are many more in this category

Banks: "They're still spending fortunes fighting legal battles as we saw in Bank of America's report today," Cramer said. "And they can't make as much money on your deposits because the Fed is keeping interest rates down. And they don't have the demand they need to make lucrative commercial real estate loans."

Tech: Cramer thinks the market's reaction to Intel speaks volumes about the sentiment in this sector. "As far as I was concerned the chip maker reported a fantastic quarter, but does the Street care? Nah, because they make parts for personal computers."

Oil: The price action speaks volumes. Over the past 5 days the XLE,which is the ETF that tracks the energy sector, has slipped 6%. Largely the Street is worried that a global slowdown will drag down demand. Cramer thinks the Street is completely forgetting about all the opportunities around the corner as the US leverages the vast supplies of energyrecently found across the nation.

Although there are always single stocks in any group that can defy larger trends, Cramer believes all the sectors listed above will likely stay out of favor - at least for the time being.

What's the bottom line?

As sharp volatility returns to the market Cramer suggests making a list of companies that 'can do no wrong.' When the market settles down he believes these stocks will again attract buyers. As Cramer so often says, "there's always a bull market somewhere. You just have to know where to look."